Artificial Intelligence & Machine Learning , Big Data Security Analytics , Fraud Management & Cybercrime

Battling PPP Loan Fraud With Technology

The Role of AI, Other Technologies, in Detecting Payroll Protection Program Fraud
Frank Mckenna of Point Predictive

As small businesses apply for loan forgiveness under the Paycheck Protection Program, and banks who made the loans on behalf of the Small Business Administration investigate whether any were fraudulently obtained, fraud-detection technologies will play a critical role, says Frank Mckenna, chief fraud strategist at the security firm Point Predictive.

See Also: Confessions of Security Professionals on Security Orchestration, Automation, and Response (SOAR) Tools

The Association of Certified Fraud Examiners estimates that perhaps 10% of PPP loans were fraudulently obtained.

In this video interview with Information Security Media Group, Mckenna also discusses:

  • Details on PPP loan fraud;
  • What technologies can be leveraged to combat fraud;
  • What steps are banks taking to combat this fraud.

McKenna is chief fraud strategist at Point Predictive, an AI solutions provider. He has advised more than 200 banks, lenders and finance companies worldwide to help them achieve reductions in fraud. He also provides fraud management tips through his daily blog, FrankonFraud.com.


About the Author

Suparna Goswami

Suparna Goswami

Associate Editor, ISMG

Suparna Goswami is Associate Editor at ISMG Asia and has more than 10 years of experience in the field of journalism. She has covered a variety of beats ranging from global macro economy, fintech, startups and other business trends. Before joining ISMG, she contributed for Forbes Asia where she wrote about the Indian startup ecosystem. She has also worked with UK-based International Finance Magazine, and leading Indian newspapers like DNA and Times of India.




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